A Pennsylvania start-up that opened for business last week already has a deal to sell itself.
Prestige Community Bank, which opened in Newtown with roughly $9.5 million of capital, is being acquired by First Priority Financial Corp. in Malvern, the companies said Wednesday. The price was not disclosed.
Samuel J. Worthington, Prestige's chairman, said in a press release that the sale would benefit his bank "by accelerating the often slow process that de novo banks go through in the development of their business model and achieving profitability."
The $125 million-asset First Priority, founded in November 2005, has a branch in Chester County and one in Berks County. David E. Sparks, its chairman and chief executive officer, said in an interview Thursday that the addition of Prestige would bring his company into the fast-growing Bucks County and increase its lending limits, so that it could better compete with larger banks.
Prestige would retain its name and management team and operate as a division of First Priority, he said.
The deal is expected to close next quarter.
